Bitcoin BTC Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

Bitcoin BTC Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

[Music]
hello and welcome to another update
video about Bitcoin well Bitcoin is uh
Bitcoin has passed another test today
Bitcoin dipped into this support region
that we already talked about a few days
ago um and we’ve seen a reaction so
that’s interesting so we’re going to
take a look at the relevant pivots the
relevant micro structure support and
resistance and if we possibly have first
indications that the third wave to the
upside here has started quick um quickly
here in the beginning what are the what
are the potentials so we have the yellow
count that I am currently giving the
benefit of the doubt it’s not the
clearest pattern but uh it’s very
painful to watch actually at the moment
price action but um yeah we’re tracking
an ABC structure in the yellow scenario
in wave four that means the wave four
pullback could have completed indeed
here on the 19th of April after a third
wave topped here around the 14th of um
March so it’s a three-wave move down we
were able to track five waves up that’s
the first level of confirmation that
here a wave four finished okay Wave 1
possibly to the upside in five waves and
then we said already a few days ago that
would’ like to see the price get into
this support region which would be the
wave two and if the price can stabilize
there that would increase probabilities
that a low is indeed in place so if you
uh Remember by the way make sure that
you follow us here on on Twitter X
Network on the 22nd of April already we
had this wave count on the chart and it
was all about um communication that
Bitcoin may have completed five waves
here to the upside yeah I think it got
another slightly higher high but the
price was after these initial five waves
to the upside was supposed to go into
this support region provide a test and
then ideally to Rally okay so the idea
was Bitcoin may have completed five
waves in yellow wave
1 the real challenge will arise with the
formation of yellow Wave 2 which we’ve
seen yesterday most likely which might
have started this could involve a test
of the micro support zone until the
price under goes this test sustains and
then moves higher I cannot confidently
state that the correction has ended so
we see more and more evidence that this
correction indeed has finished one two
setup that’s typically what we want to
see the problem is Elliot wave is
obviously quite complex and while this
setup worked out nicely while this setup
worked out nicely I’m constantly looking
at the smallest details in the wave
structure and I can tell you there is
still potential for a bearish outcome
here so we cannot get too excited yet
but I will tell you now when we zoom in
what I need to see next to increase
probabilities further that a low has
formed so I already talked about the
yellow count just to highlight again we
also have the white count still on the
chart not invalidated and in the white
scenario this is a wxy structure and in
this scenario this is an a BC in Wave Y
and we could have started the c-wave
down so that’s still that still keeps
the door open for lower and if we go to
the 30 minute chart I tell you what we
now need to see next so it’s all about
Dynamic probabilities right so we’ve
seen the five wve move up that I just
showed you on X then we’ve seen the
three-wave pull back into
support um it did basically dip into the
middle of the support region and react
great so as a setup that worked well a
so-called one two setup but now we’ve
already moved from support into
resistance I communicated this
resistance area earlier
today because we always need to think
about risk management so what could go
wrong I mean it’s all about moving from
support into resistance back into
support into resistance those are the
pivots that can be used for trading so
really good reaction to to many of these
parameters
the thing is now that in the white count
a v wve could have topped
here on the 22nd of April this could be
interpreted as a wave one to the
downside as well this decline shared
that with you earlier today you can just
looking at it you could also consider
that as a five wve move down instead of
just three waves I consider this as
three down a b is Triangle C down but I
cannot rule out that there is a slightly
different uh count here 1 2 3 4 5 I like
the look of it as an ABC structure okay
but you can interpret it as five um
therefore I added here for you I have to
give you the next resistance area which
needs to be overcome next so from a
bearish point of view this rally could
now be wave a b wave pullback Still
Still outstanding then a c-wave rally
and if this is really a wave two we
shouldn’t really see a break above
66,500 then from there we could start
the third wave down okay so that’s if it
if it starts it should start from here
that third wave
down obviously we go from level to level
right I mean even if we break above
resistance while this would invalidate
the immediate one two to the downside we
could still be in an extended B but
that’s the next thing we need to work on
okay so there’s plenty of plenty of work
still to do do unfortunately but um this
looking okay at the
moment um from a bullish point of view
instead of an AB here this would be a
one two so the next pullback if the next
pullback is corrective it could offer
the next smaller degree setup but there
is currently no pullback I will
communicate that if I see it on the
smaller time frame there could be
another small one two setup why because
and that’s additional evidence that we
may have bottomed the rally from today’s
low from where we wanted it to start was
actually a five-wave move okay so now I
think we can clearly see that this is a
possible five wve move which is good
okay now that could still because we’re
still below resistance that could still
be an a wve of a wave
two but it’s actually because we’ve
already reached a 50% FIP level no I
would I would assume that we get
rejected here I would I would assume we
get rejected cuz if we push higher than
this in five waves then it would more
clearly give us um a bullish outlook
here so it’s a five wve move right so it
could be wave a and five waves an a wave
would typically get rejected exactly at
the 50% FIP level doesn’t have to though
but if we go higher it would more
clearly shift probabilities towards the
yellow count in which we could have
bottomed already and the market would
clarify its intentions which it doesn’t
always do so hopefully that’s clear I
mean because we have seen five waves up
it suggests that bit higher would be
ideal um it would suggest that the next
pullback could be corrective if it is
another micro support area could be
added and then we’ll see if the next
move is a c-wave or a third wave third
wave could go a bit higher and if we
then can hold another four five pattern
that would provide um open the door for
the next confirmation that we’ve
bottomed okay so that’s sort of how we
move from level to level hopefully
that’s um that’s clear I mean parameters
should be Crystal Clear they are on the
chart there color boxes should be clear
what provides resistance should be clear
which level provides support by the way
to keep up the idea that we could have
bottomed yeah that low from today that
was formed today really needs to hold I
mean here at the
62,500 any break below that yeah I mean
then I think we are in the third wave to
the downside okay obviously we’re
looking here at really the smallest time
frame patterns for now all parameters
are being respected so I think it’s all
okay obviously a bit frustrating what’s
going on it takes long and you know
still not clearly impulsive price action
to the upside but we’re getting there
back above 65k looking good and maybe
we’re not getting rejected there but
that’s that that would be rather in line
with the yellow scenario there wouldn’t
it so we’ll keep you updated hope you
like the update if you did please hit
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watching bye-bye

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Bitcoin BTC Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction! In this video I talk about the Bitcoin BTC Cryptocurrency price and carry out a technical analysis. I also talk about my Bitcoin Elliott Wave count and discuss where the price could be going next.

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